Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026
Oneok Inc /New/ (OKE)
A forensic read on Oneok Inc /New/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.9
Distress distance
Clean
Earnings quality
4
Forensic signals
15.7
P / E (ttm)
15.1%
ROE
$56.5B
Market cap
4.87%
Dividend yield
55.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Oneok Inc /New/ earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+11.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +40% over the last 3 years to FY2025 (+11.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~11.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~28%.
7.2%
FY2025
Return on invested capital.Return on invested capital is 7.2% in the latest fiscal year and slipping from 10% — around its ~8% cost of capital, so growth is roughly value-neutral.
0.3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.3% of revenue and 4% of free cash flow in FY2025 — about $0.15 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 11.9% a year and is falling.
109% of FCF
FY2025
Shareholder returns.Returned $2.7B to shareholders (buybacks + dividends) in FY2025 — 109% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 98% of free cash flow a few years back — not just sitting there. Counting the $92M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 112%.
Key fundamentals
Latest Revenue$33.63B
Revenue Growth YoY+55.0%
Revenue CAGR (3yr)+14.5%
Net Margin10.1%
Free Cash Flow$2.45B
Return on Equity15.1%
Debt / Equity1.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Oneok Inc /New/'s actual 10-K/10-Q/8-K filings?